IIM vs MQY: Correlation
Invesco Value Municipal Income Trust (IIM) and Blackrock MuniYield Quality Fund, Inc. (MQY) show a very strong relationship: their 3-year correlation of weekly returns is 0.86.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIM and MQY?
On 3 years of weekly data the IIM/MQY correlation comes out at 0.86, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 139.2 %².
Few assets follow IIM as closely as MQY, which ranks #3 of 17 tracked partners. On 12-month performance IIM holds a 8.5-point edge, +16.5% against +8.0%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
IIM vs MQY: side by side
| IIM (Invesco Value Municipal Income Trust) | MQY (Blackrock MuniYield Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | +16.5% | +8.0% |
| 5-year return | +0.6% | -13.1% |
| Volatility (ann.) | 12.7% | 12.8% |
| Beta vs S&P 500 | 0.31 | 0.33 |
| Max drawdown (3Y) | -13.2% | -17.0% |
| Market cap | $0.6B | $0.8B |
| P/E (trailing) | 31.6 | 35.8 |
| Dividend yield | 7.32% | 6.25% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIM | MQY |
|---|---|---|
| 2022 | -25.4% | -24.2% |
| 2023 | +2.1% | +10.2% |
| 2024 | +8.1% | -0.1% |
| 2025 | +11.9% | +4.3% |
| 2026 | +7.6% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIM and MQY good diversifiers for each other?
No. With a correlation of 0.86, IIM and MQY move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between IIM and MQY?
Using weekly returns as of 2026-08-27: 0.86 over 3 years, with 0.84 over the last year and 0.81 over 5 years.
Is MQY a good diversifier for IIM?
No. With a correlation of 0.86, IIM and MQY move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 mean?
A reading of 0.86 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iim-vs-mqy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iim-vs-mqy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IIM correlations · MQY correlations
